Here's Why Snap Stock Soared Today
Shares of Snapchat's parent company, (NYSE: SNAP), soared on Wednesday after the company reported financial results for the third quarter of 2024. User growth and revenue trends are strong and encouraging. And that's why Snap stock was up 14% as of 1:15 p.m. ET.
Snap ended Q3 with an astounding 443 million daily active users, which was a 9% jump from the same quarter of 2023. On top of this user growth, users spent 25% more time watching content, which led to a greater advertising opportunity. Average revenue per user consequently increased 6%, leading to a 15% jump in revenue.
Snap had a Q3 net loss of $153 million. That's a huge loss, but it's a breath of fresh air compared to its net loss of $368 million in the prior-year period. Moreover, the company did generate positive free cash flow of $72 million compared with negative free cash flow of $61 million last year.
Source Fool.com
Snap Inc Stock
Currently there is a rather positive sentiment for Snap Inc with 16 Buy predictions and 4 Sell predictions.
With a target price of 9 € there is potential for a 118.71% increase which would mean more than doubling the current price of 4.12 € for Snap Inc.
